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Budgeting model of progress university

Budgeting model of progress university. University of Latvia 3.11.2006. Contents. Background of the project in University of Latvia Main principles of the new budgeting model Challenges of implementing new budgeting model. Background of the project. Main project goal:

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Budgeting model of progress university

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  1. Budgeting model of progress university University of Latvia 3.11.2006

  2. Contents • Background of the project in University of Latvia • Main principles of the new budgeting model • Challenges of implementing new budgeting model

  3. Background of the project • Main project goal: • Develop new budgeting framework for University of Latvia based on best public and private sector practices • Project outcomes: • Guidelines for budgeting process • High level implementation plan

  4. Main principles of the budgeting model • Budget is one of the main management instruments • Budgetary process is linked with strategic planning the annual goal and priorities setting for the University and each entity • KPIs (Key Performance Indicators) are integral part of the annual budget for each budget unit • Budgetary cycle coincides with the business cycle (academic year) • Performance of budget entities against budgeted is monitored on the regular basis

  5. Strategic budgeting

  6. Main challenges of implementing new budgeting model • Centralization vs decentralization debate • Profit centers vs cost centres debate • Medium term planning and annual priorities setting should be in place at each organizational level • Definition of KPIs for different activities (academic, research and support functions) • Planning based on academic year and financial management

  7. Thank you for your attention!

  8. Contacts “Ernst&Young Baltic” SIA Nauris Kļava Risk Advisory Services Kronvalda bulvāris 3-5 Rīga, LV-1010 Latvija Tel. (+371) 7043801 www.ey.com/latvia

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